Is your audit a necessary evil?
At Barnes Roffe we believe that if your audit is seen as a necessary evil then you have the wrong auditors! We will provide you with a critical review of your business and not just comply with statutory requirements.
We do not consider your audit as a once a year event. We look upon it as a continual process which starts long before the year end.
You know your business better than anyone else
You already know your business better than anyone else and how it has performed in the last year. Therefore it is of little advantage to you if we simply record your figures, instead we will perform our audit by subjecting your company to an in-depth analytical review.
Pre-year end meeting
We would always recommend a pre-year end meeting to review your company’s results for the year to date, predict and plan forward the year end results and assess your systems and controls. We will also evaluate and deal with any unusual reporting issues, so that matters are dealt with in advance of the year end.
We can use this meeting to consider any potential tax planning opportunities which you may wish to discuss separately with our tax team.
Minimum disruption to your day to day activities
- We use modern risk based analytical procedures to reduce detailed testing wherever possible.
- Computerised techniques play a key role and we have a full range of sophisticated software programmes.
- We will only visit your premises to perform essential tests which will be carried out as efficiently as possible with the minimum of disruption to you.
Benchmarking, sensitivity analysis & analytical review
We will benchmark your accounts against those of similar businesses in your industry and subject them to a critical sensitivity analysis.
This will provide you with an invaluable insight into your company’s current financial performance in comparison to your peer group.
- Sensitivity Analysis
This will illustrate the impact of minor changes in your sales volume, selling price and costs.
- Analytical Review
All aspects of your accounts will be subject to a detailed analytical review. This will identify any areas where an alternative policy or procedure may be more appropriate for you. This will also provide you with an insight into how external readers of your accounts, including bankers and the tax man will interpret them.
Transparent Fee Structure
As our audit process is extremely efficient, we can provide you with a highly competitive price. We will always agree the audit fee with you in advance and agree how your fee will be calculated in future years, depending on your company’s growth.
Clear and concise feedback to the management team
Once the audit is completed we will arrange a finalisation meeting with you to go through and agree the final figures.
This will include:
- A specific report which will highlight any audit issues and weaknesses in your internal controls and accounting system. This report will also make constructive and practical recommendations for improvement.
- A tailored financial review showing how third parties will interpret your accounts and the type of sensitivity analysis they will perform on them.
- Advice and guidance on your accounting policies and their application under UK GAAP and on any new Financial Reporting Standards (FRS’s) for compliance and disclosure requirements.
If you would like to have a meeting to discuss your audit and how we at Barnes Roffe would approach it, please contact your nearest office.Click here to download PDFTalk to Barnes Roffe today Barnes Roffe has tried to ensure that the contents and information it provides in its website is accurate at the time of posting. Unfortunately it cannot guarantee the accuracy of contents or information contained in its pages and any person choosing to act on this information should contact a Barnes Roffe partner prior to taking any action